Longevity Actuary

Longevity Actuary

Company: Munich Re

Location: London, United Kingdom

Together, we engage with everything we have and are, to help humankind act braver and better.

About UK Life Branch:

With offices in London, it forms the Life 1 division of Munich Re. The UK life market is one of the most competitive life markets in the world. We understand that life insurers work in a dynamic market where medical progress, demographic trends, and changing lifestyles are constantly giving rise to new risk landscapes.

This demanding situation is made even more challenging by changing laws and regulations and ever tougher competition. So we need a smart strategy and structure in order to succeed.

At UK & Ireland Life, we have three pillars to our business strategy: protection, longevity, and reinsurance structuring. All three are key to the success of our business, so it’s important to look at the big picture.

In terms of clients, we trust them as experts of their business and provide them with the financial strength of the world’s largest reinsurer, global expertise, and sharp pricing so that they are both competitive and profitable.

About the role:

The Longevity Actuary has a key role in helping the Longevity team secure profitable new business by acting as a pricing and process expert. They will help ensure our approach to pricing longevity risk is market appropriate, and that our product offerings and processes are optimized.

The Longevity Actuary will support the wider team across the range of actuarial work we complete, including checking new business quotes, proposition and basis work, and further developing our global centre of competence role.

They will also support with system development to ensure we continue to drive efficiencies across our work.

This is a great opportunity for a technically strong and ambitious individual to join a highly successful, friendly, and growing team in an exciting, challenging, and rewarding environment.

Key Responsibilities:

• Support new business tenders both for UK and non-UK markets
• Develop an in-depth understanding of our pricing approach and models used, such that they can support the wider team with their technical and modelling capabilities
• Assess new data (internal and external) and modelling approaches such that the Longevity team’s processes remain competitive, market appropriate, and efficient across both new business and in-force activities
• Support longevity basis development both for the UK and non-UK markets
• Support UK proposition development
• Support and oversee regular in-force actuarial tasks, working with the Head of In-Force to manage our portfolio
• Support overall longevity strategy
• Support Head of Longevity with appropriate ad-hoc tasks as required
• Provide guidance, support, and knowledge sharing to longevity team members

General Duties and Tasks:

• The Longevity Actuary is primarily responsible for supporting the Senior Longevity Actuary and Head of Longevity in delivering agreed strategy, including the development of profitable new business.

Deal origination & the pricing process (40%):

• Support the Senior Longevity Actuary in assessment of deal attractiveness
• Lead or support new business quotes as part of quote teams
• Support other quote teams in terms of best practice
• Support executions on the actuarial side – contractual aspects, model reviews, etc.
• Work alongside the Senior Longevity Actuary to further enhance our relationship with clients
• Review and challenge pricing assumptions in tenders and wider basis related discussions
• Proactively develop and train others on the pricing process and modelling approaches used

Basis and proposition development (30%):

• Support the Senior Longevity Proposition and Basis Actuary, and International Longevity Actuary, in deriving international bases for specified markets
• Support enhancements to the UK basis, proposition, and market offering
• Ensure that Munich Re’s approach to pricing longevity business is appropriate, suggesting and embedding enhancements to basis processes as necessary

General Longevity team (20%):

• Work in conjunction with colleagues to coordinate and facilitate various internal processes
• Use desktop and other research to track developments in the market
• Proactively develop talent through knowledge sharing on market developments and practices
• Promote Longevity within the UK office and aid the Head of Longevity in the development of the UK’s Global Centre of Competence role including working with international clients and colleagues
• Provide guidance and support for in-force monitoring activity within the Longevity team
• Work with the Head of In-Force on in-force related projects as required to manage our existing portfolio
• Work with colleagues to manage material operational risk failures, data/accounting issues, etc.
• Support wider branch as required, plus any additional duties and responsibilities that may reasonably be expected to be undertaken in accordance with the role

Longevity system & process development (10%):

• Optimize current longevity pricing and basis systems and lead/support the development of new systems
• Seek to improve efficiencies in current systems by increasing speed and automation
• Recommend and investigate new tools and modelling techniques to support basis development and pricing analysis
• Introduce R, or other programs/databases as necessary, to develop systems and processes that boost the team’s centre of competence role in non-UK markets

Competencies:

Drives results (we think big): You consistently achieve results even under tough circumstances, with the organisation’s performance in the front of your mind. You make good and timely decisions to keep things moving, using analysis, experience, and judgement.

Business insight (we think big): You can apply your knowledge of the business and the market to advance your business’ and wider organisation’s goals.

Collaboration (we lead the ‘we’): You identify opportunities and bring the right people together to work on a common goal, encouraging diversity of opinion, whilst maintaining clarity and unity of direction.

Client focus (we grow with our clients): You build and maintain strong client relationships (internal and external), listening to their needs and working with them to ensure value is created.

Cultivates innovation (we grow with our clients): You create new and better ways for Munich Re to be successful, e.g., generating ideas, creating efficiencies, harnessing new technology, etc.

Courage (we care and dare): You are willing to challenge the status quo and address difficult issues, saying what you believe needs to be said. You also continue to operate effectively even when things are uncertain and the way forward is unclear.

Persuades (we are clear and authentic): You use clear and compelling arguments to gain the support, enthusiasm, and commitment of others, whilst ensuring you take time to actively listen to the diversity of views and opinions.

Key Skills & Experience:

Essential:

• Relevant experience of the bulk annuity market and longevity swap pricing
• Strong analytical and modelling skills, with the ability to work independently and apply judgement
• Technically strong, with the ability to develop models in Excel, VBA, R, or other programming languages
• Able to grasp new concepts and technical issues quickly, and communicate them effectively to others
• A team player who will step up and take responsibility when required
• Good people development and training skills
• Willing to challenge the status quo
• Strong written and oral communication skills

Desirable:

• Good commercial awareness
• Good understanding of DB de-risking offerings in the market
• Longevity insurance/reinsurance experience
• Contacts with key longevity players in the market
• Good negotiation skills and ability to work under pressure

Qualifications and Educational Requirements:

• Nearly or newly qualified actuary
• Directly relevant actuarial experience of the bulk annuity/longevity swap market, DB pensions market, or longevity swap pricing

Thought Leaders:

You are seen as an expert in your field and will be the ‘go-to’ person for your area of specialism within Munich Re. You will be seen as a role model/mentor to others – identifying opportunities to share your knowledge with others.

You will demonstrate and role model inclusive behaviour and encourage your colleagues to play an active role in creating an inclusive culture as well.

You will treat your colleagues and sales and business partners fairly and with respect.

Regulatory & Conduct Requirements:

Ensuring compliance with Munich Re’s Code of Conduct and the FCA Conduct Rules.

Benefits:

You will be rewarded with a great compensation package, on-target bonus, 25 days annual leave with the option to purchase more, along with private medical insurance and employers' contributory pension of 10%. We are one of the few employers to offer fully paid 6 months family leave for times when you need it the most.

About us:

You will work in an environment where we think big: Change and culture are continuously role-modelled. We create and articulate a compelling and ambitious shared purpose, vision, and direction. We pave the way towards success and see failure as learning.

You are going to experience that we care & dare: We are empathetic. We know when to lead and know when to let others lead. We attract, grow, and coach future leaders.

We communicate in a clear & authentic way: We interact with a positive and humble spirit. We solicit feedback, ask and listen, learn and unlearn.

You will grow with your clients: Whatever our role, we support business in an efficient and effective way to create value for our clients. We embrace new ways of working using digitalisation to deliver solutions.

We lead the 'We': We have a passion for winning and growing as a team. We inspire people to be capable of joint performance. We create an inclusive environment where different thoughts, generations, cultures, and experiences are valued and encouraged.

Diversity, Equity & Inclusion:

At Munich Re, embracing the power of differences is at the core of who we are. We believe diversity fosters resilience and innovation and enables us to act on our purpose of helping humankind act braver and better.

We recognize diversity can be multi-dimensional, intersectional, and complex, so we want to build a diverse workforce that includes a wide range of racial, ethnic, sexual, and gender identities; economic and geographic backgrounds; physical abilities; ages; life, school, and career experiences; and political, religious, and personal beliefs.

Additionally, we are committed to building an equitable and inclusive work environment where this diversity is celebrated, valued, and has equitable opportunities to succeed.

If you are excited about this role but your experience does not align perfectly with everything outlined, or you don’t meet every requirement, we encourage you to apply anyway. You might just be the candidate we are looking for!

All candidates in consideration for any role can request a reasonable adjustment at any point in our recruitment process.